Long awaited PEMEX reforms a reality today
Petróleos Mexicanos is still Mexico's only fuel retailer. Don't look for competitors' signs anytime soon.
In December Mexico abandoned its three quarter of a century state monopoly over the hydrocarbon industry and opened the monolithic enterprise PEMEX to foreign capital investment and desperately needed technical partnerships. The required constitutional amendments authorizing such flew through Mexico's federal congress and 32 state legislatures at a breakneck pace, and won president Enrique Peña Nieto praise at home and abroad.
Legislation and administrative regulations designed to implement the reforms have been the subject of heated and at times rancorous debate in both houses of Mexico's federal congress for the past six months. Last week a coalition of center right and center left senators and lower chamber deputies from the National Action Party (PAN) and the Institutional Revolutionary Party (PRI) approved a final version of the so-called secondary laws, despite fervent leftist opposition (MORENA opens campaign to repeal PEMEX reforms). Yesterday president Enrique Peña Nieto signed the legislative package into law, and the new rules took effect at 12:01 a.m. today upon their publication in the country's Federal Register.
"The new legislation represents an historic change which will accelerate Mexico's economic growth and development in the years ahead," Peña Nieto told a packed signing ceremony audience. "The barriers which have held back our growth have collapsed. Our country will reduce its dependence on other nations and guarantee its energy security."
"PEMEX will be able to modernize itself in a new environment as the reforms convert it into a truly productive state enterprise. It will be equipped with greater autonomy, which in turn will increase its competitive ability in international markets," added the president.
Aug. 13 - 20 billion barrels of crude oil reserved to PEMEX under new legislation
Mar. 18 - On 76th anniversary of Mexican oil expropriation, Peña Nieto says "the State remains the sole owner of energy"
Jan. 26 - Russians are the first to benefit from PEMEX reforms
Energy reforms and PEMEX
Feb. 5 - On Constitution Day, far Left pol files criminal complaint against Peña Nieto for treason
Dec. 23 - Mexican energy reforms will lure in $10 billion dollars in immediate investment
Dec. 21 - Mexico's sovereign credit rating upgraded on PEMEX reform news
Dec. 20 - PEMEX reforms are now officially the law
Dec. 19 - U.S. Senate approves transborder oil exploration bill
Dec. 16 - San Luis Potosí puts PEMEX reforms over the top
Dec. 15 - Jalisco and all of Yucatán peninsula approve PEMEX reforms
Dec. 13 - Mexican states rush to endorse PEMEX reforms
Dec. 11 - Mexico's Chamber of Deputies wastes no time, approves PEMEX reforms
Dec. 11 - Mexico's PEMEX: senators open the door to foreign expertise and private capital
Dec. 10 - Mexican leftists go to court to stop PEMEX reforms
Dec. 8 - PEMEX amendments are on the legislative "fast track"
Nov. 30 - As energy reform vote approaches, PRD exits Pact for Mexico
Nov. 3 - Forbes praises Peña Nieto's "courageous" energy policy
Sept. 23 - Energy reform debate opens in Mexican Senate; warnings of foreign takeover of PEMEX
Sept. 21 - "The fix is in" on energy reform, says AMLO: new laws "designed for foreign business"
Sept. 20 - Without energy reform, Mexico will need more than half a century to reach U.S. output
"Say no to the PRIvatization of PEMEX" - The far Left protests, Mexico City, December 2013
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